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Find what amount should be reported as retained earnings

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Melbourne Company reported the following shareholder's equity at the beginning of current year:

Share Capital, 250,000 shares authorized, P20 par

100,000 shares issued and outstanding 2,000,000

Share Premium 3,000,000

Retained Earnings 7,000,000

The board of directors declared a 12% share dividend on April 1 when the market value of the share was P50. The share dividend was issued on July 1 when the market value of the share was P60. The entity sustained net loss of P1,500,000 for the current year.

Problem 1: What amount should be reported as retained earnings at year-end?

Reference no: EM132829215

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